Financial adviser and former deputy mayor of the City of Gosnells, Mr Antonio (Tony) Pisano, has today been sentenced to four years and eight months imprisonment on fraud charges.
The sentencing of Mr Pisano, of Maddington, followed an investigation by the Australian Securities and Investments Commission (ASIC).
He will serve a minimum of two years and eight months.
Mr Pisano, 47, pleaded guilty in the Perth District Court on 22 May 2008 to eight counts of fraud to the value of approximately $1,537,735.00.
ASIC alleged Mr Pisano defrauded investors between June 1996 and July 2001 while he was a director and shareholder of Pisano Enterprises Pty Ltd (trading as Pisano Financial Services) and used the funds for personal purposes.
At the time, Mr Pisano was also a Councillor and Deputy Mayor of Gosnells City Council.
"Many of those who invested with Mr Pisano were trusting local residents who were simply seeking safe investments for money which would be of great importance to them later in life. Today's sentence should serve as a reminder that individuals who abuse positions of trust and authority and misuse investors' funds face serious consequences," said ASIC's Executive Director of Enforcement, Ms Jan Redfern.
Pisano Financial Services was based in Gosnells, Perth and was placed into external administration on 10 February 2004.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
